The UK company hopes to launch its Low Energy X-ray (LEXR) sterilisation machine later this year
EnXray, a developer of innovative sterilisation equipment, has raised £2.3m to support the pre-commercialisation activities, manufacturing and launch of its ground breaking Low Energy X-ray (LEXR) sterilisation machine.
The LEXR equipment enables on-site and on-demand sterilisation of medical devices and consumables at the point of manufacture.
EnXray is carrying out initial product sterilisation testing with potential customers with its prototype machine and is on track for commercial launch by the last quarter of this year.
EnXray has entered into a loan agreement with Finance Birmingham for up to £2m, as part of the funding support under the UK's Advanced Manufacturing Supply Chain Initiative (AMSCI), a programme, which is supported by the Department of Business, Energy and Industrial Strategy (BEIS). The funds will be drawn down in tranches during the year to match the company’s progress.
In addition, the company has also raised equity totalling £327,000 as a final closing on its 2016 equity funding round. The equity funding is in addition to the £800,000 that was announced in October 2016.
Ed Cappabianca, co-founder and CEO of EnXray, said: “The loan facility is an excellent form of capital to assist EnXray in the further development and commercialisation of our technology. We also appreciate the further commitment of equity capital that came primarily from CBC Holding AB, one of our new investors in 2016, which co-led the 2016 equity funding with the North West Fund for Biomedical. We are looking forward to our commercial launch later in 2017.”
Andy Green, Finance Birmingham Investment Director, commented: “We are really pleased to have been able to provide EnXray with funding that builds on R&D and the commercialisation of their product within an exciting market place.”
EnXray will be at the XIVth Anglo Nordic Life Science Conference on Wednesday, 31 May 2017. Ed Cappabianca, CEO, will be presenting an overview on the company’s technology.